November 21, 2024 10:35 pm
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Here’s why millions of millennials are not homeowners

 

  • The homeownership rate among millennials, ages 25 to 34, is around 8 percentage points lower than Gen Xers and baby boomers were in the same age group.

  • Student loans are one of the factors at play in deciding to put off settling down.

By Annie Nova | CNBC

Homeownership eludes millions of millennials.

A new report by the Urban Institute, a policy research group, tries to explain why.

There is a whole host of reasons, including personal preferences and economic disadvantages, that explain why the homeownership rate for the largest generation in U.S. history is lower than that of their parents and grandparents.

“In my generation, I’m a baby boomer, you bought a home as quickly as you could,” said Laurie Goodman of the Urban Institute. “You didn’t take a vacation for years to save for the down payment on your first home.”

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